Export-Import Bank of India (Exim Bank) has stressed on the need to grow trade and investment between India and Latin America and Caribbean (LAC) region, said Debasish Mallick, deputy MD.
India and the LAC region have recognised the mutual benefits that could be derived from partnering with each other. In the last decade, India’s total trade with LAC has more than doubled to reach $36 billion in 2017, he added. Speaking at a seminar, R. Viswanathan, former distinguished fellow, Latin America Studies, Gateway House, said: “LAC has phenomenal potential and India should grab the opportunity of setting ambitious targets of increasing bilateral trade to $100 billion by 2025 [including targeted exports of $50 billion].”
Edgardo Alvarez, secretary general, The Latin American Association for Development Financing Institutions (ALIDE) said: “India has become Argentina’s fifth-ranking export market, Chile’s sixth, Brazil and Paraguay’s eighth, and Bolivia’s tenth. LAC, for its part, allocates 2.1% of its exports to India and receives 1.5% of its imports from that country.”
An Exim bank study has showed that in the last ten years, India’s total trade with the LAC region had increased from $ 17.5 billion in 2008 to $ 36 billion in 2017. Indian exports have grown by about 70% to reach $ 11.9 billion in 2017 from $ 7 billion in 2008. On the other hand, Indian imports have more than doubled to reach $ 23.6 billion in 2017 from $ 10.5 billion in 2008.
